Question 1 "Developing Business Opportunities" Please respond to the following:
Imagine that you are considering starting a company and have decided that you need a partner. Propose how you would find that ideal person. Determine the pros and cons of the method you choose.
Suppose you have chosen a partner for your new business. Six months later, he or she is not working out. Determine the possible repercussions of trying to discard that partner now. Propose actions that you could have taken prior to the formation of the partnership that would have limited the downside of ending your business relationship with your partner.
Question 2 "Developing Business Opportunities" Please respond to the following:
Imagine that you are considering starting a company and have decided that you need a partner. Propose how you would find that ideal person. Determine the pros and cons of the method you choose.
I am planning to start a company and if i were to look for a partner I would first start with family. The pros would be thatthey know me and i know them but that is also a con too.
Suppose you have chosen a partner for your new business. Six months later, he or she is not working out. Determine the possible repercussions of trying to discard that partner now. Propose actions that you could have taken prior to the formation of the partnership that would have limited the downside of ending your business relationship with your partner.
The repercussions that you would have is how much money do you have to give them when you dissolve the partnership, does the name of the business have to change, you would also have to go through changing all paperwork with the city, county, state and federal government. they way you do a partnership is if the whole idea is yours you sign a contract on a trial basis then if i works then you sign another contract on longer terms. If it does not work then you just follow the procedures in the trial basis contract. This way it is not only good for you but for the person you want to partner with.
Question 3 "Stages of Entrepreneurship" Please respond to the following:
Analyze the five stages of the entrepreneurial process. Determine which stage you believe to be the most important when forming a company based on an innovative concept or product. Support your position.
Determine whether or not the stages of the entrepreneurial process have to occur in order. Support your position.
Question 4 I am stuck between Stage 2 Developing the Plan and Setting up the Company and Stage 3 Acquiring Financial Partners/Sources of Funding. I believe them to both be pretty important. I believe you need to always have goals and set forth towards making all of them. You need to have a plan for your business, how much things will cost, how much will you get in profit, and so on. You want to have competitive pricing, so you would want to make sure you know about your competition and whats going on in the economy for your product.
With that being said, you want to make sure you have the best financial backing that you could possibly have. You want to be able to network your product and expand the business. You need money to be able to do these things, so you want to be able to have the financial backing to grow the business, to be able to bring in a profit and expand.
A great plan as well as financial "stability"is needed to be able to start and create a successful company.